The Minister of Marine and Blue Economy, Adegboyega Oyetola has said that the ministry recorded an income of N242 billion in the first quarter of 2024.
Oyetola spoke in Abuja on Tuesday during a sectoral briefing to mark President Bola Tinubu’s first year in office.
He said the revenue recovered represents a 92 percent increase from the N126 billion recorded in Q1 of 2023.
“The increase in revenue performance has largely been due to a 10% increase in the number of vessels calling our ports due to strategic investments in port infrastructure in the last one-year, mooring boats, patrol vessels, and dredging of the port’s channels.
“We have also tightened revenue assurance by deploying technology. Revenue generation is critical to us,” he said.
On improving the sector’s revenue throughout the year, Oyetola said the ministry has commenced the rollout of some initiatives such as the commissioning of revenue enhancement studies focused on the Ministry, Department and Agencies.
The Minister said the objective is to identify and block leakages while identifying recommendations to expand current revenue sources.
“Automation of revenue collection processes to eliminate bottlenecks and enhance transparency and accountability.
“Deploying revenue assurance technologies to ensure accurate and complete billings in line with established contracts and services rendered.
“Ensuring the efficient utilisation of existing assets through concessions to the private sector and public-private partnerships as required,” Oyetola said.
The ministry, according to him, has carried out campaigns targeting both domestic and international investors for investments in the marine and blue economy sub-sectors.
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